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Below the Quote on Expectations from Union Budget 2024 - Web3/Blockchain Sector by Shivam Thakral, CEO of BuyUcoin

BuyUcoin welcomes the upcoming budget presented by our Finance Minister, Nirmala Sitharaman. As a cryptocurrency exchange focused on the Indian market, we have high expectations from it. The Indian virtual digital asset (VDA) market has seen a sharp decline in business over the past two years since the 1% TDS and 30% VDA gains tax were implemented in 2021. The 1% TDS has significantly impacted our business. We expect the upcoming budget to address our grievances and reduce the TDS and capital gains taxes on VDA transactions to reasonable levels, allowing us a level playing field to function and prosper.

The absence of specific regulations for the VDA market, coupled with the inclusion of VDA under anti-money laundering laws, has cast a negative shadow over the entire VDA market. We strongly advocate for the establishment of a comprehensive regulatory framework for the virtual digital asset market in India. This framework should be applicable to both Indian and offshore companies, and should ensure a level playing field for all, fostering fair and unhindered operation.

Due to a lack of regulations, VDA and Web3 businesses are moving offshore. Global venture funds are shy of entering the Indian market, depriving local businesses of funding opportunities. VDA investors are migrating to unregulated offshore exchanges with no protection of the law.  As a business, we are unwavering in our commitment to adhere to the laws of the land. However, we believe that there is a need for supportive laws that can facilitate our growth and prosperity, while also unlocking the full potential of the Indian market in this space. We urge the government to consider these factors when formulating the regulatory framework for the VDA market.

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